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Government Mulls Significant Reforms to Tackle GST Evasion: Arrest and Prosecution Threshold Set to Rise to Rs. 3 Crore Introduction In a bid to enhance the business environment and alleviate concerns of harassment, the central government is contemplating a pivotal shift in the Goods and Servi
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FAQ :
The government is contemplating raising the threshold for arrest and criminal prosecution in GST evasion cases from the current £2 crore to £3 crore.
Yes, the government is also looking at changes to the rules governing the issuance of summonses to violators, especially in cases involving fraudulent invoicing.
A comprehensive program targeting input tax credit fraud is set to be launched in November 2023.
In the first half of 2023-24, 1,040 cases of GST evasion amounting to £1.36 trillion were discovered.
Around 100,000 businesses have failed to comply with e-invoicing norms for entities with an annual turnover exceeding £5 crore. A significant 20-30% of businesses with turnovers between £5 crore and £20 crore are also not compliant.
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